By John Kell
DuPont Co. (DD) has named Mark Vergnano, a 33-year veteran at
the company, to steer its $7 billion performance chemicals segment
after it is spun off from its parent in 2015.
The company first announced plans to spin off the unit in
October, a move that came as some investors called on management to
improve the company's financial results. The performance chemicals
business, which DuPont has said remains profitable, has a low
growth rate and isn't likely to see significant growth from
advances in research.
On Thursday, DuPont said Mr. Vergnano, 55, will serve as chief
executive of the new company after its separation from DuPont,
which is expected to occur in the second quarter of 2015.
Mr. Vergnano is currently executive vice president at DuPont and
his responsibilities include oversight of the performance chemicals
segment. He has held a variety of business, manufacturing and
technical leadership roles in his tenure with the company. Mr.
Vergnano also serves on the board of Johnson Controls Inc.
(JCI).
Shares of DuPont were up 0.9% to $63.66 in recent trading,
rising despite the broader market's slide.
Write to John Kell at john.kell@wsj.com
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